Careers

05:30 PM
Becca Lipman
Becca Lipman
Commentary
Connect Directly
Facebook
Google+
Twitter
RSS
E-Mail
100%
0%

New York Tech Scene is Optimistic, Finds NYTECH Survey

17% of surveyed New York-based organizations grew more than 50% last year. 26% predict more jobs will be added over the next year.

New York's future as a hub of technology innovation is looking bright, concludes a recent survey conducted by the New York Technology Council (NYTECH) and WithumSmith+Brown in the first quarter of 2014.

Some 22% felt the tech community will improve "a lot" from 2013-2014, while 54% felt it would improve somewhat, and 21% thought it would stay the same. Only 3% felt it would "get much worse."

The majority of respondents reported a growth in headcount from 2012 to 2013, and anticipated even greater growth in 2013 to 2014. Similarly, reported change in revenue was overwhelmingly positive, and was expected to grow considerably higher.

The results were more positive than expected, says Erik Grimmelmann, president and CEO of the New York Technology Council. "The extent of the enthusiasm for where things are headed is striking." Only a few years ago, there was not much of a tech scene to speak of in New York, but the city is attracting more people who want to be closer to the big clients, and in his opinion, escape the suburbs.

Predicted changes for the New York tech community (2013-2014).
Predicted changes for the New York tech community (2013-2014).

One common theme he sees is firms struggling to find the qualified and trained talent to grow their businesses. Still, jobs are expected to grow 26%, which leads nicely into the one blemish on the city's growth track: real estate. Nearly a quarter of respondents believe less affordable real estate will be available. "Of course, New York is still at an advantage there," says Grimmelmann. "San Francisco can't build high density there without fundamentally changing character of city. NYC doesn't have that problem, it has a culture of building … so one assumes the law and supply of demand will lead to more buildings and capacity."

Financial technology firms represented 6% of the survey respondents, but the niche market is seeing tremendous growth overall in startups and in larger companies. Businesses in NY's FinTech have the opportunity to work closely with the industry's largest players, and perhaps have only scratched the surface of the possibilities of using data and advanced computing in the financial sector.

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
7/11/2014 | 8:43:14 AM
Re: Positive outlook
It's also interesting that affordable real estate is mentioned. Obviously, NYC and San Francisco have some of the most expensive real estate in the world. But the number of co-work spaces that have sprung up -- especially in Manhattan -- should make finding office space more affordable for start ups.
Kelly22
50%
50%
Kelly22,
User Rank: Author
7/10/2014 | 5:24:27 PM
Positive outlook
Interesting research here; it's good to see a positive outlook for New York's tech scene. The problem of attracting talent seems to be a theme throughout all sectors of financial services technology, but hopefully the opportunity to work with big industry players will prove appealing to New York's tech-savvy job candidates. 
More Commentary
Interactive Data Launches Continuous Fixed Income Pricing Service
Independent intra-day FI pricing is helping to shine light on the opaque fixed income market.
Gartner: 75% of Mobile Apps Will Fail Security Tests Through 2015
The rise of BYOD means enterprises must implement security testing and containment solutions, according to new Gartner research.
Chip & Pain, EMV Will Not Solve Payment Card Fraud
Switching to EMV cards will lower retail fraud, but it's not enough. Here's the good, the bad, and the ugly.
With UCITS V, $9T Isnít as Easy as It Used to Be
With UCITS V's restrictive remuneration rules and hidden costs, going global may get a little less attractive.
Banks to Increase IT Spend on Big Data Challenges, Finds Aite Report
Big data has presented the greatest challenges and dissatisfaction for banks, yet it is the most likely to see upward spending in the next two years.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.